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In economics a debtor is simply an entity that owes a debt to someone else, the entity could be an individual, a firm, a government, or an organization. The counterparty of this arrangement is called a creditor. When the counterparty of this debt arrangement is a bank, the debtor is more often referred to as a borrower. Default occurs when the debtor has not met its legal obligations according to the debt contract, e.g.- it has not made a scheduled payment, or has violated a loan covenant (condition) of the debt contract. Default may occur if the debtor is either unwilling or unable to pay their debt. This can occur with all debt obligations including bonds, mortgages, loans, and promissory notes. If the money owed becomes beyond the possibility of repayment, the debtor faces insolvency or bankruptcy; in the United Kingdom and some states of the United States until the mid-19th century, debtors could be imprisoned in debtor's prisons.
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Debtor Articles
Home Loans: Realize your dream of owning a house
by Keith Gill
Sep 23, 2006
If you are looking for finance to help you buy your house, then the world of banking makes available to you numerous options that enable you to do so. A home loan has two basic connotations. It is a loan taken to buy a house or a loan taken by kee...
Mortgage Information for the creditor and debtor
by Robin Stevens
Jul 10, 2006
A mortgage is a process of using assets as security for the compensation of a debt. The term mortgage refers to the legal apparatus used in securing a property; however it is also normally used to refer to the debt secured by the mortgage. In the maj...
Credit Card Debt Consolidation - A Credit Card Debtor's Perfect Solution
by Talbert Williams
Feb 11, 2006
Credit card debt consolidation is a relatively simple process that involves taking all of your outstanding balances and turning them into a single debt, repayable by making one payment per month. Once you select a debt consolidation company and con...
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